Colorado Real Estate Journal - October 4, 2017
A Tampa, Florida-based buyer made its first foray into Colorado with its acquisition of 9100 Vance. Avesta Communities paid $58.5 million, according to public records, for the 276-unit community at 9100 Vance St. in Westminster, rebranded as Altitude Westminster. “Avesta is excited about its expansion into the Denver market, specifically Westminster,” said Avesta Partner Rachel Ridley. “We believe the market fundamentals and growth outlook in this region align with our investment strategy and offer our investors the opportunity for long-term growth.” “Avesta is eager to advance its mission of creating more community in the world by extending its resident-focused services to those in Colorado,” added Luke Kline, project lead for Altitude Westminster. “The acquisition of Altitude Westminster is a great first step toward achieving our long-term goals in the attractive Denver region.” The firm plans to implement a long-term capital improvement plan that will include exterior common area improvements and interior renovations to Altitude Westminster. The community consists of 12 walkup breezeway buildings with unit sizes from 560 to 1,020 square feet across six floor plans featuring a mix of one- and two-bedroom layouts. Community amenities include a coffee bar, indoor jogging track and basketball court, outdoor volleyball court and heated swimming pool. “The property is certainly well positioned for future rent growth due to its vintage and desirable location in Westminster, particularly in light of the growing job market and Downtown Westminster redevelopment,” David Martin of Moran & Co. said of the community situated along the U.S. 36 corridor, one block east of Wadsworth Boulevard and near high-tech firms and a mix of retail and dining options. Moran & Co.’s Pamela Koster and Martin represented seller Waterton Associates. Avesta is a fully integrated real estate investment and management firm that since 2010 has acquired nearly 14,000 apartment homes throughout Florida, Texas and now Colorado. Other News •Arabella, a 156-unit multifamily community located in the southeast business corridor, sold in August for $29.6 million. The community at 4982 S. Ulster Parkway in Denver was purchased by Brookline Investment Group. Sares-Regis Group sold the community, constructed in 1980. The fully renovated asset in the Denver Tech Center is located at the junction of Interstates 225 and 25 and is a short walk to the Belleview Station light-rail stop. JLL’s Pat Stucker, Ray White and Travis Hodge listed the property, which sold at a 4.99 percent cap rate. •Pinnacle Real Estate Advisors LLC recently sold a 70-unit apartment building with ground floor retail for $19.8 million. The firm sold the Buerger Brothers Lofts and Chambers Lofts at 1726-1742 Champa St. in Denver. Highlands REIT purchased the property, which was sold by CS Champa and CS Champa II, according to public records. Jules Hochman, Justin Brockman and Mike Krebsbach of Pinnacle Real Estate Advisors LLC represented the buyer and seller in the transaction. •Pinnacle Real Estate Advisors LLC also recently handed the sale of 6449 Miller St. in Arvada. The 42-unit multifamily property, built in 1971, sold for $6.95 million, or $165,476 per unit. The community, located near the new Ralston Creek Development, features large, updated one- and two-bedroom units. Jeff Johnson with the firm’s Johnson|Ritter team represented the seller. Jim Knowlton of the Knowlton|Lawson team represented the buyer. “The sellers were able to leverage a large increase in the property's value and trade into multiple apartment properties, thereby increasing their portfolio size,” said Johnson. •The city of Westminster recently announced it is working with Mile High Development, Koelbel and Co.and Longs Peak Advisors to build Eaton Street Apartments, a five-story, mixed-use community that will comprise 118 affordable housing units. The building will wrap the north and east sides of the recently completed parking garage in Downtown Westminster, the city’s high-density, mixed-use redevelopment of the former Westminster Mall site. “These units will serve residents earning 60 percent or less of the area median income, or approximately $50,000 annually for a household of four,” said Sarah Nurmela, Downtown Westminster Real Estate and Development manager. “This project serves a larger goal of ensuring that Downtown Westminster is inclusive and meets the needs of the entire community.” Designed by OZ Architects, the project will have four stories of residential units over a ground floor common area and townhomes, as well as 22,000 square feet of retail along Eaton Street and 89th Avenue. The project is slated to be complete in late 2018. Located in the heart of the downtown, planned uses adjacent to the Eaton Street Apartments include residential apartments and office space, along with restaurants and retail. Additionally, the Eaton Street Apartments meet Colorado Housing and Finance Authority’s guiding principle of providing affordable housing near transit; the project is located less than a five-minute walk to the RTD Sheridan bus and BRT station with 500 buses a day. The city is committed to completing a pedestrian underpass by 2019 that will make the transit station even more accessible. “Over our 35-year history in working with municipalities in creating mixed-use, public-private developments, this project in Westminster’s’ new downtown development sets a high bar for public/private developments in Colorado,” said George Thorn, president and founder of Mile High Development. At full build-out Downtown Westminster will be home to 2,300 residential units and over 4,500 residents; over 2 million sf of collaborative and Class A office space, 700,000 sf of retail space and 300 hotel rooms, with almost 10,000 workers on site.